ABO recap from July 10 meeting

Written on Jul 16, 2020

The Accountancy Board of Ohio (ABO,) met July 10 in a virtual format to review matters of licensing, regulating, and when necessary, disciplining CPAs. Highlights from the July 10 meeting include: 

·       The ABO has been receiving an increased number of requests for people to convert from inactive to active permit status. ABO staff are working through CPE and reporting cycle details with applicants. 

·       A reminder had been sent to licensees that the Dec. 31 CPE requirement for individual permit holders would not be reduced or extended, and to plan on completing their CPE as required. 

·       Exam windows for CPA exam candidates with expiration dates of April 1, 2020 to Dec. 30, 2020 had been extended until Dec. 31, 2020. The exam provider is reviewing contingency plans for possible future online testing if all test centers would be closed again. 

·       ABO members received an update on a series of 5-year rule updates that had been filed with the State, which would be effective Sept. 1, 2020. 

·       Two public hearings were held for failure to complete firm registration requirements. The individual and firm registrations of each were revoked, but one firm’s revocation was stayed pending the payment of a $3,500 fine, firm registration fees and late fees, and completion of 3 hours of professional standards and responsibilities. 

·       One disciplinary hearing was held for a CPA whose FINRA privileges were suspended. The CPA’s certificate was revoked, and the CPA cannot apply for reinstatement prior to expiration of the FINRA suspension. 

·       One disciplinary hearing was held for failing a CPE audit verification. The CPA’s certificate was revoked, but the revocation was stayed pending payment of a fine of $500 plus $10 per credit hour deficient, plus completion of their 120 hours of CPE.